Kaiko: USDC will benefit from the EUs new digital asset regulations and seize USDTs market share

2024/06/19 09:31

Odaily News Circle Internet Financial Ltd.’s USDC could be the biggest beneficiary under new European digital asset guidelines set to take effect in July, according to Kaiko Research, a crypto analytics firm. USDC is expected to take market share from larger rival Tether Holdings Ltd.’s USDT, Anastasia Melachrinos, a Paris-based analyst at Kaiko, said on a conference call Tuesday. OKX already took steps to change its trading support for USDT in the European Union earlier this year, removing the ability to buy or sell other crypto assets with the stablecoin. European users can still deposit and withdraw, trade over-the-counter and convert it to euros; Kraken said last month it was “actively reviewing” plans that could include removing support for USDT on its EU exchange under the upcoming EU guidelines, MiCA. “Kraken and OKX will delist all EURO/USDT pairs,” Melachrinos said. USDT/EURO pairs on Kraken average about $4.3 billion in daily trading volume, Kaiko data showed, surpassing the volume of all other crypto/EURO pairs. Average daily trading volume for USDC/EURO on Kraken is around $400 million. European regulators have been finalizing technical guidance for MiCA, which is expected to be fully implemented in early 2025. (Bloomberg)

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